Analysis of non-U.S. market convertibles issuance for 13 months through March 2014

Columns are amount in billions of dollars, count of deals, percentage of total in dollars.

Coupon

	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
0%	0	0.200	0.920	0	0.100	0.650	0.505	0.768	1.139	1.702	1.793	0.162	1.090
0.01%-0.99%	3.542	0	0.361	0	0	0	0.579	0.339	5.070	0.136	0.290	0.800	1.075
1%-1.99%	0.390	0	1.606	0	0.582	0	1.411	0.339	0.902	0	0.238	0.206	0.764
2%-2.99%	1.007	0	0.462	0.357	0	0	0.200	1.494	0.335	0	0.200	0.167	0.309
3%-3.99%	0.066	0	0.452	0	0.175	0	0.724	0	1.671	0	0.742	0.402	0
4%-4.99%	0.643	0.045	0	0.948	0	0	0.160	0.584	0.983	0	0.548	0	0
5%-5.99%	0	0.603	0	1.719	0.073	0.034	0	0.082	0.277	0	0	0.071	0
6%-6.99%	0.063	0.100	0.419	0	0.300	0.110	0.161	0.191	1.738	0	0.150	0.058	0
7%-7.99%	0.200	0.030	0.535	0	0	0.017	0	0	0.005	0	0	0	0
8% and higher	0.034	1.500	0.003	0.055	0.089	0	0	0	0	0	0.039	0	0.010
Floater	0	0	0	0	0.030	0	0	0	1.612	0	0	0	0
NA	0.040	0	0	0	0	0.107	0	0.482	0	0	0	0.024	0
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
0%	1.120	3	1.255	4	3.609	13	3.045	7	3.045	7	9.029	27	9.029	27	33.33%
0.01%-0.99%	0.361	2	0.579	1	5.545	4	2.165	5	2.165	5	12.192	14	8.650	12	23.70%
1%-1.99%	1.606	4	1.993	7	1.241	3	1.209	4	1.209	4	6.439	19	6.049	18	13.23%
2%-2.99%	0.819	3	0.200	1	1.829	4	0.676	3	0.676	3	4.531	13	3.524	11	7.40%
3%-3.99%	0.452	1	0.899	4	1.671	4	1.144	5	1.144	5	4.231	15	4.166	14	12.52%
4%-4.99%	0.994	3	0.160	1	1.567	6	0.548	1	0.548	1	3.912	13	3.269	11	6.00%
5%-5.99%	2.322	5	0.107	2	0.359	5	0.071	1	0.071	1	2.859	13	2.859	13	0.78%
6%-6.99%	0.519	4	0.571	6	1.929	5	0.208	3	0.208	3	3.290	20	3.227	18	2.28%
7%-7.99%	0.565	2	0.017	1	0.005	1	0	0	0	0	0.787	5	0.587	4	0.00%
8% and higher	1.558	3	0.089	2	0	0	0.049	2	0.049	2	1.729	8	1.696	7	0.54%
Floater	0	0	0.030	1	1.612	1	0	0	0	0	1.642	2	1.642	2	0.00%
NA	0	0	0.107	1	0.482	1	0.024	1	0.024	1	0.653	4	0.613	3	0.26%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Premium
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
19.99% and lower	0.324	0	0	0.105	0.200	0	0.030	0.482	0.019	0	0	0	0
20%-29.99%	0.586	0	0.354	0.414	0.643	0.110	0	0	2.345	0.136	0.550	0.511	0.055
30-39.99%	1.417	0.346	3.403	0.818	0.465	0.051	3.205	2.585	4.489	0	2.561	1.355	2.800
40% and higher	0	0.248	0.865	0.055	0.011	0	0	0.650	0.031	0	0.750	0	0
NA	3.658	1.885	0.135	1.688	0.030	0.757	0.505	0.561	6.848	1.702	0.139	0.024	0.393
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
19.99% and lower	0.105	1	0.230	3	0.502	2	0	0	0	0	1.161	7	0.837	6	0.00%
20%-29.99%	0.768	5	0.753	5	2.481	4	1.115	8	1.115	8	5.703	24	5.117	22	12.20%
30-39.99%	4.567	12	3.721	17	7.074	22	6.716	18	6.716	18	23.496	74	22.079	69	73.51%
40% and higher	1.168	4	0.011	1	0.681	3	0.750	1	0.750	1	2.611	9	2.611	9	8.21%
NA	3.708	8	1.292	5	9.112	16	0.555	5	0.555	5	18.324	39	14.667	34	6.07%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Upsized?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	0.463	0	0.465	0	0	0	1.148	1.972	1.612	0	0	0	0.697
No	5.481	2.479	4.292	3.080	1.338	0.918	2.593	2.308	12.121	1.838	4.000	1.889	2.551
Downsized	0.040	0	0	0	0.011	0	0	0	0	0	0	0	0
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.465	1	1.148	2	3.583	5	0.697	1	0.697	1	6.356	12	5.893	9	7.63%
No	9.851	29	4.849	28	16.266	42	8.440	31	8.440	31	44.887	139	39.406	130	92.38%
Downsized	0	0	0.011	1	0	0	0	0	0	0	0.051	2	0.011	1	0.00%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Seniority
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
secured	0	0	0	0	0	0	0	0	0.005	0	0	0	0
senior	5.965	2.434	4.668	1.392	1.243	0.918	3.740	4.067	12.003	1.838	4.000	1.858	3.248
subordinated	0.019	0.045	0.089	1.688	0.107	0	0	0.212	0.112	0	0	0.031	0
preference	0	0	0	0	0	0	0	0	1.612	0	0	0	0
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
secured	0	0	0	0	0.005	1.000	0	0	0	0	0.005	1.000	0.005	1.000	0.00%
senior	8.494	26	5.901	29	17.909	39	9.105	31	9.105	31	47.374	137	41.409	125	99.66%
subordinated	1.822	4	0.107	2	0.324	6	0.031	1	0.031	1	2.303	14	2.284	13	0.34%
preference	0	0	0	0	1.612	1	0	0	0	0	1.612	1	1.612	1	0.00%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Mandatory
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	0	0	0	1.688	0	0	0	0	4.149	0	0	0	0
No	5.985	2.479	4.757	1.392	1.350	0.918	3.740	4.279	9.584	1.838	4.000	1.889	3.248
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	1.688	1	0	0	4.149	3	0	0	0	0	5.836	4	5.836	4	0.00%
No	8.628	29	6.008	31	15.701	44	9.136	32	9.136	32	45.458	149	39.473	136	100.00%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Greenshoe Exercised?
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Yes	0.419	0.045	0	0.904	0.518	0	1.232	0.503	0.754	0	0.789	0.257	0
No	5.565	2.434	4.757	2.175	0.832	0.918	2.508	3.776	12.978	1.838	3.211	1.632	3.248
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Yes	0.950	4	1.750	6	1.257	8	1.046	7	1.046	7	5.422	27	5.002	25	11.45%
No	9.366	26	4.258	25	18.592	39	8.091	25	8.091	25	45.872	126	40.307	115	88.56%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Versus Talk
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Richer	0	1.500	0	0	0.227	0	0	0	0	0	0	0	0.697
Rich end	0	0	1.198	0.818	0	0	1.209	2.521	4.647	0.136	0.643	0.687	0
Within	0.581	0	0	0.357	0	0	0.297	0.339	2.894	0	0.200	0.167	1.594
Cheap end	0.386	0.100	0	0.130	0.078	0	0.453	0	0.792	0	0.990	0.402	0.045
Cheaper	0.707	0	0	0	0	0	0	0	0	0	0	0	0
NA	4.311	0.879	3.559	1.774	1.044	0.918	1.781	1.419	5.399	1.702	2.167	0.634	0.912
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Richer	1.500	1	0.227	1	0	0	0.697	1	0.697	1	2.424	3	2.424	3	7.63%
Rich end	2.016	4	1.209	5	7.304	13	1.330	3	1.330	3	11.859	25	11.859	25	14.56%
Within	0.357	2	0.297	2	3.233	5	1.961	5	1.961	5	6.429	16	5.848	14	21.46%
Cheap end	0.230	2	0.531	2	0.792	2	1.436	5	1.436	5	3.375	12	2.990	11	15.72%
Cheaper	0	0	0	0	0	0	0	0	0	0	0.707	1	0	0	0.00%
NA	6.212	21	3.743	21	8.520	27	3.713	18	3.713	18	26.499	96	22.189	87	40.64%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Use of Proceeds
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Acquisition	0.019	0.294	0.506	0	0.092	0	0.024	0.104	0	0	0	0.024	1.006
Capex	0	0.200	0.074	0	0	0	0	0.250	0.060	0	0.200	0.071	0
GCP	1.454	1.500	0.610	1.719	0.278	0	1.887	0.010	5.248	0.136	2.028	1.195	0.200
No proceeds	0	0.290	0	0	0	0	0	0	0	0	0	0	0
Redeem convertibles	0	0	0	0.818	0.087	0.360	0.642	0.547	1.807	0	0.150	0.155	1.030
Refinance	0.687	0.100	0.970	0.235	0.267	0.034	0.530	0.552	0.822	0	0	0.413	0
Multiple/Other/NA	3.824	0.095	2.597	0.307	0.625	0.524	0.656	2.817	5.796	1.702	1.621	0.031	1.012
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Acquisition	0.800	3	0.116	3	0.104	1	1.030	3	1.030	3	2.069	11	2.049	10	11.27%
Capex	0.275	2	0	0	0.310	3	0.271	2	0.271	2	0.856	7	0.856	7	2.97%
GCP	3.829	6	2.165	9	5.394	11	3.424	10	3.424	10	16.266	40	14.812	36	37.48%
No proceeds	0.290	1	0	0	0	0	0	0	0	0	0.290	1	0.290	1	0.00%
Redeem convertibles	0.818	1	1.090	4	2.354	5	1.335	4	1.335	4	5.597	14	5.597	14	14.61%
Refinance	1.305	5	0.831	6	1.374	8	0.413	2	0.413	2	4.608	24	3.922	21	4.52%
Multiple/Other/NA	2.999	12	1.806	9	10.315	19	2.664	11	2.664	11	21.608	56	17.784	51	29.16%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Industry Sector (by SIC code)
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
Agriculture (0xxx)	0	0	0.462	0	0	0	0	0	0	0	0	0	0
Mining (1xxx)	0.034	0.290	0.134	0	0	0	0.160	0	0	0	0	0	0
Oil and gas (13xx)	0.200	0.100	0.541	0	0	0	0	0.108	0.150	0	0	0	0
Construction (15xx)	0.386	0	0	0	0	0	0	0.141	0.905	0	0.100	0	0.564
Manufacturing (2xxx, 3xxx)	0	0	1.149	2.506	0.189	0.650	0.790	0.305	0.272	0.768	1.042	0.024	0.912
Pharmaceuticals (2834-6)	0.340	0	0	0	0	0	0.120	0	0	0	0	0	1.030
Transportation (4xxx)	0.707	0	0.624	0	0	0	0.505	0.329	0.135	0	0.200	0.246	0
Communications (48xx)	0.390	0	0	0	0	0	0	0	1.738	0.136	0	0	0
Electric, gas, sanitary services (49xx)	0	0	0	0	0	0.110	0	0.982	0	0	0.793	0.552	0
Wholesale (5xxx)	0	0	0	0	0.087	0	0.656	0	0	0.634	0.838	0	0
Finance, insurance, real estate (6xxx)	3.928	1.843	1.847	0.574	0.419	0.051	1.485	1.086	9.305	0.300	0.750	0.912	0
Services (7xxx)	0	0.200	0	0	0.368	0.107	0	0.783	0	0	0.277	0.155	0.045
Health services (8xxx)	0	0.045	0	0	0.285	0	0.024	0.547	0.005	0	0	0	0.697
Sovereign (8888)	0	0	0	0	0	0	0	0	1.222	0	0	0	0
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
Agriculture (0xxx)	0.462	1	0	0	0	0	0	0	0	0	0.462	1	0.462	1	0.00%
Mining (1xxx)	0.424	2	0.160	1	0	0	0	0	0	0	0.618	4	0.585	3	0.00%
Oil and gas (13xx)	0.641	4	0	0	0.258	3	0	0	0	0	1.099	8	0.899	7	0.00%
Construction (15xx)	0	0	0	0	1.046	4	0.664	2	0.664	2	2.096	7	1.710	6	7.27%
Manufacturing (2xxx, 3xxx)	3.655	6	1.629	8	1.345	7	1.978	9	1.978	9	8.607	30	8.607	30	21.65%
Pharmaceuticals (2834-6)	0	0	0.120	1	0	0	1.030	2	1.030	2	1.490	5	1.150	3	11.27%
Transportation (4xxx)	0.624	2	0.505	1	0.464	4	0.446	2	0.446	2	2.745	10	2.038	9	4.88%
Communications (48xx)	0	0	0	0	1.874	2	0	0	0	0	2.264	3	1.874	2	0.00%
Electric, gas, sanitary services (49xx)	0	0	0.110	1	0.982	1	1.344	4	1.344	4	2.437	6	2.437	6	14.71%
Wholesale (5xxx)	0	0	0.744	3	0.634	2	0.838	2	0.838	2	2.216	7	2.216	7	9.17%
Finance, insurance, real estate (6xxx)	4.264	13	1.955	10	10.690	18	1.662	6	1.662	6	22.500	53	18.571	47	18.19%
Services (7xxx)	0.200	1	0.476	3	0.783	3	0.477	4	0.477	4	1.936	11	1.936	11	5.22%
Health services (8xxx)	0.045	1	0.310	3	0.551	2	0.697	1	0.697	1	1.603	7	1.603	7	7.63%
Sovereign (8888)	0	0	0	0	1.222	1	0	0	0	0	1.222	1	1.222	1	0.00%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%
Currency
	3/2013	4/2013	5/2013	6/2013	7/2013	8/2013	9/2013	10/2013	11/2013	12/2013	1/2014	2/2014	3/2014
$	0.540	1.920	0.803	0	0.130	0.760	0.320	0.250	0.285	0.300	1.690	0	1.385
A$	0	0	0	0	0	0	0	0	1.612	0	0	0	0
C$	0.097	0.294	0.089	0.086	0.373	0.051	0.024	0.316	0.282	0	0	0.129	0
CHF	0	0	0.227	0	0	0	0	0	0.547	0	0	0	0
DKK	0	0	0	0	0	0	0	0.010	0	0	0	0	0
HK$	0	0	0.700	0	0.275	0	0.030	0	0.500	0	0.400	0	0.309
NT$	0	0	0	0	0	0	0	0.105	0	0	0	0	0
RMB	3.219	0	0.134	0	0	0	0	0	4.428	0	0	0	0
S$	0	0	0.517	0	0	0	0.642	0.482	0	0	0	0	0
SEK	0	0	0	0	0.011	0	0	0	0	0	0	0.246	0
Y	0	0.200	0	0	0	0	0.505	0.256	0	1.402	0	0	0.293
€	2.129	0.065	2.288	2.993	0.333	0.107	1.834	2.715	5.677	0.136	1.909	1.347	1.261
£	0	0	0	0	0.227	0	0.384	0.145	0.402	0	0	0.167	0
Total	5.985	2.479	4.757	3.080	1.350	0.918	3.740	4.279	13.732	1.838	4.000	1.889	3.248
	Q2/2013	Count	Q3/2013	Count	Q4/2013	Count	Q1/2014	Count	YTD	Count	Total	Count	Last 12 months	Count	YTD Share
$	2.723	7	1.210	7	0.835	6	3.075	12	3.075	12	8.383	35	7.843	32	33.66%
A$	0	0	0	0	1.612	1	0	0	0	0	1.612	1	1.612	1	0.00%
C$	0.469	6	0.448	7	0.598	9	0.129	3	0.129	3	1.741	28	1.644	25	1.41%
CHF	0.227	1	0	0	0.547	1	0	0	0	0	0.774	2	0.774	2	0.00%
DKK	0	0	0	0	0.010	1	0	0	0	0	0.010	1	0.010	1	0.00%
HK$	0.700	1	0.305	3	0.500	1	0.709	2	0.709	2	2.214	7	2.214	7	7.76%
NT$	0	0	0	0	0.105	1	0	0	0	0	0.105	1	0.105	1	0.00%
RMB	0.134	1	0	0	4.428	2	0	0	0	0	7.780	4	4.562	3	0.00%
S$	0.517	1	0.642	1	0.482	1	0	0	0	0	1.642	3	1.642	3	0.00%
SEK	0	0	0.011	1	0	0	0.246	1	0.246	1	0.257	2	0.257	2	2.69%
Y	0.200	1	0.505	1	1.658	5	0.293	1	0.293	1	2.657	8	2.657	8	3.21%
€	5.346	12	2.275	8	8.528	17	4.517	12	4.517	12	22.795	55	20.665	49	49.44%
£	0	0	0.611	3	0.547	2	0.167	1	0.167	1	1.325	6	1.325	6	1.83%
Total	10.316	30	6.008	31	19.849	47	9.136	32	9.136	32	51.294	153	45.309	140	100.00%

Criteria

• The tables include all underwritten offerings reported to Prospect News that are either dollar-denominated and sold under Regulation S or denominated in currencies other than dollars.

• Offerings are included in the time period in which they price.

• Amounts are based on the total sales price (face amount multiplied by the offering price.

• Each tranche is counted as a separate deal.

• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded. Structured products are excluded.

• Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.

• Preferred issues are included using the same criteria as for bonds.

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